Imagine
Daily Ramble
I stayed up too late — 2AM too late — watching the daily close for Bitcoin. Every once in a while, decisions need to be made at the close of the trading day, and yesterday was one of them. I can’t say that I like that aspect of participation in a market that never sleeps, but it certainly makes the daily schedule spicy. So, before figuring out what I’m going to ramble on today, and I do have some ideas (promise), I’m going to grab an espresso from the nearby cafe. Be right back.
My brain lives! Ok, I’m realizing as I’m reading what I’ve written that ya’ll probably don’t give a rats ass about my sleep situation or my caffeination levels, but if you’ve not sorted it out yet, a lot of my rambling is to structure loose thoughts into something more coherent. And I thank you for being that sounding board — truly. There’s almost 400 of you out there receiving this each day, and I find it delightfully surprising.
In light of the idea of structuring loose thoughts, I want to get back to a dialogue I was having recently with a friend about how hopeless the state of the world is. If I’m a sucker for anything, it’s in being a hope maximizer. That’s really what led me to Bitcoin — a hope for a brighter future. Without Bitcoin’s ability to reground society to physical reality, I’d probably be hiding in some hut on the beach waiting for societal collapse.
One of the reasons I hold out such hope for the future is the idea that the billionaire class will inevitably be dominated by Bitcoiners as the price of Bitcoin appreciates. Money and power are cozy bedfellows more than any of us like to admit, and having the majority of the wealthy class placed there by investing early and large in Bitcoin, will lead to a power shift. Why? Because the values needed to be amongst the billionare class of Bitcoiners came from a conviction in Bitcoin being a better form of money, betting against the prevailing societal structure, and most importantly, having a long time horizon.
This last bit about the time horizo I’ve written about before, and will likely come back to again in the future, but it’s the single most important aspect of Bitcoin that drive my optimism for a brighter future. Not today or tomorrow, but in the next 10 years. Why? Because the adoption of Bitcoin, in exactly everyone I know, has led to a shift in mindset away from consumption and towards saving. Let me say that again: away from consumption and towards savings. People save when they perceive a brighter future ahead. Go to any developing country with a shyte currency or instability and you’ll see them consuming their paychecks as quickly as they get them — there’s no reason to save because there’s no perceived bright future. So if every single person that adopts Bitcoin decides to save more and consume less, and our root issue is the consumption of our planet, imagine what global adoption of Bitcoin will look like?
If John Lennon were around today, I’m pretty sure he’d add a Bitcoin inspired lyric to Imagine.
Shocking Things on the Interwebs
The era of trusting what we see in videos is coming to a close…
Bitcoin Price Prediction
Yesterday: $24k - $33.2k
Today: $32.2k - $35.5k
Tomorrow: $32.2k - $36.4k
What a difference a day makes. The last straw for the bull market did its job yesterday — the price broke below $30k, reaching as low as $28.6k before eager buyers stepped in to shoot the market back up again. The bulls have a serious bit of heavy lifting ahead to prove they’re going to shift the market back to a bullish posture, but at the moment, $30k has been defended. Today, the price is over $34k and looks to want more. There is stiff resistance around $35k, but if it can be breached, then the doors to $40k are open again. All in all, I’m skeptical but open to the idea that this bounce will turn into something more.
Bitcoin Q & A
Q: Why would China ban Bitcoin?
A: Most likely because it is competition with the digital surveillance yuan.
China has progressed further down the digital surveillance currency path than any other nation. Multiple live tests have validated its ability to function as currency for the Chinese nation. China hopes to use the digital yuan for international trade as well. Bitcoin represents direct competition to the digital yuan. By making Bitcoin illegal to use and mine, it makes less competition as the digital surveillance yuan is rolled out.
Digital surveillance currencies are also known as CBDCs (Central Bank Digital Currency). I use the term “digital surveillance currency” to make clear that these tokens will not function in the anonymous way cash is used, but will instead have central banking oversight.
Thanks for reading,
Kent
Do you have questions or a “Favorite Thing on the Interwebs”? Comment below or reply to the newsletter to reach me.
Did you like what you read—why not share it?
Me? I offer personal and corporate Bitcoin Implementation Strategies: custody, investing strategy, security, tax management, and inheritance. Contact me for a free initial consultation.